Barnier pledges fair financial overhaul for EU February 8, 2010 MICHEL Barnier has pledged to take a balanced approach to overhauling financial regulation in Europe, City A.M. can reveal. The French politician, who has been appointed EU internal markets commissioner, faces a vote tomorrow to ratify his role along with 25 other commissioners. He has made a series of special pledges in a bid to [...]
IMF chief hints at early exit February 4, 2010 Dominique Strauss-Kahn, the French politician who heads the International Monetary Fund (IMF), yesterday said he might cut short his tenure, stoking speculation he wants to run in France’s 2012 presidential election. His term as managing director of the IMF expires in October 2012, several months after the election, which means the Socialist veteran would have [...]
Airbus urged to seek a funding cure for A400M February 4, 2010 France and Germany called for an urgent solution yesterday to the funding crisis surrounding the A400M troop plane, Europe’s biggest military project, as Airbus resumed talks with government buyers. The €20bn (£17.4bn) project is four years late and €11.2bn over budget, threatening up to 10,000 jobs. EADS unit Airbus is appealing to a group of [...]
France to reduce growth in public spending from 2011 January 31, 2010 FRANCE plans to cut growth in public spending to less than 1 per cent a year from 2011 to cut the country’s ballooning budget deficit, the French prime minister said at the weekend. Paris plans the cuts to reduce the deficit to 3 per cent of gross domestic product by 2013 from this year’s level of [...]
WHAT THE OTHER PAPERS SAY THIS MORNING January 28, 2010 FINANCIAL TIMES VEKSELBERG FACES RECORD FINE IN OERLIKON CASE Swiss authorities are seeking to impose a record SFr120m ($114m) fine on Russian oligarch Viktor Vekselberg and two Austrian investors for allegedly breaching reporting rules in building stakes in the troubled Oerlikon industrial group. The fine – which was announced on Thursday – was immediately rejected [...]
Barnier pencils in spring date for hedgie visit January 28, 2010 MICHEL Barnier, the Frenchman whose appointment to the EU’s internal market brief caused a furore in December, has confirmed he will meet with hedge fund managers and venture capitalists in London. London MEP Syed Kamall said Barnier’s aides were arranging a visit after the coming general election in spring. It is understood several high-profile financiers [...]
Renault stays French made January 17, 2010 A REPRESENTATIVE of the French government will get a seat on the strategic committee of Renault, the country’s second-largest carmaker, Industry Minister Christian Estrosi said yesterday. President Nicolas Sarkozy and Estrosi had an hour-long meeting with Renault’s executive chairman, Carlos Ghosn, and his deputy, Patrick Pelata, amid fears the group would move the entire production [...]
MARKS AND SPARKS BOSS ROSE SUFFERS A SARTORIAL SETBACK January 5, 2010 IT’S a good job Marks and Spencer boss Sir Stuart Rose can look forward to updating the market later today on his firm’s encouraging trading over Christmas, since The Capitalist can reveal he’s about to suffer a disappointment in the style stakes. Rose, you see, has a reputation in the City for being one of [...]
Eurostar launches probe as limited services resume today December 21, 2009 EUROSTAR yesterday launched an independent investigation into the problems which forced it to cancel all train services for three days in a row. The review will be led by Christopher Garnett, former chief executive of GNER and the former commercial director of Eurotunnel, and Claude Gressier, the French inspector general of bridges and roads. Eurostar [...]
France goes after traders December 16, 2009 FRANCE will mirror Alistair Darling’s banking windfall tax by clawing back half of traders’ bonuses next year. Economy minister Christine Lagarde said she will single out frontline traders dealing in financial instruments for the 50 per cent tax on bonus payments. This differs from the UK tax, which affects all bankers. It will kick in [...]